Metal cutting tools for parting and grooving have a holder blade for firmly clamping a cutting insert within a tool holder blade. The cutting insert is self-clamped into an insert pocket or slot formed in the holder blade. In some cases the cutting insert is mounted and extracted to the tool holder by employing a key. Elongated cutting inserts are clamped into insert pockets of appropriate size and length, and may be employed in metal cutting, such as in parting and grooving operations. Other cutting inserts have holes or recesses for positioning in a desired location in the cutting tool, or to allow gripping of the cutting insert in the cutting tool. Examples of such cutting tools and cutting inserts are disclosed in U.S. Pat. Nos. 4,938,640, 5,836,723, 5,934,843, 7,665,933, 7,896,585, EP1666179, WO04/048020, and JP2007-253299.
It is an object of the present invention to provide an improved cutting insert for parting and grooving and a cutting tool for holding such a cutting insert. The cutting insert has two through-going transverse insert key recesses in a lower surface thereof, for allowing engagement of a cutting tool key for extracting and mounting of the cutting insert from and into the cutting tool. It is further an object of the present invention to provide a method for extracting and mounting of such a cutting insert from and into the cutting tool.